Only a complete and utter fool would financially guarantee these incredibly reckless bets... But that's what we have in office. Complete and utter fools with the backbone of an amoeba...
The EU has already done this same type of thing... The recent $390 billion stimulus package for Europe is actually funded by just $20 billion in guarantees, but no actual money. Those guarantees, will be paid by EU tax payers when the stimulus fails. Lifetime indebtedness.. Maybe they are Ferengi??
Susoni
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If the quadrillion dollar derivatives bubble implodes, who should be stuck with the bill? Well, if the “too big to fail” banks have their way it will be you and I.
Right now, lobbyists for the big Wall Street banks are pushing really hard to include an extremely insidious provision in a bill that would keep the federal government funded past the upcoming December 11th deadline. This provision would allow these big banks to trade derivatives through subsidiaries that are federally insured by the FDIC.
What this would mean is that the big banks would be able to continue their incredibly reckless derivatives trading without having to worry about the downside. If they win on their bets, the big banks would keep all of the profits. If they lose on their bets, the federal government would come in and bail them out using taxpayer money. In other words, it would essentially be a “heads I win, tails you lose” proposition.
Just imagine the following scenario. I go to Las Vegas and I place a million dollar bet on who will win the Super Bowl this year. If I am correct, I keep all of the winnings. If I lose, federal law requires you to bail me out and give me the million dollars that I just lost.
Does that sound fair?
Of course not! In fact, it is utter insanity. But through their influence in Congress, this is exactly what the big Wall Street banks are attempting to pull off. And according to the Huffington Post, there is a very good chance that this provision will be in the final bill that will soon be voted on…
According to multiple Democratic sources, banks are pushing hard to include the controversial provision in funding legislation that would keep the government operating after Dec. 11. Top negotiators in the House are taking the derivatives provision seriously, and may include it in the final bill, the sources said.
Sadly, most Americans don’t understand how derivatives work and so there is very little public outrage.
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JPMorgan Chase
Total Assets: $2,520,336,000,000 (about 2.5 trillion dollars)
Total Exposure To Derivatives: $68,326,075,000,000 (more than 68 trillion dollars)
Citibank
Total Assets: $1,909,715,000,000 (slightly more than 1.9 trillion dollars)
Total Exposure To Derivatives: $61,753,462,000,000 (more than 61 trillion dollars)
Goldman Sachs
Total Assets: $860,008,000,000 (less than a trillion dollars)
Total Exposure To Derivatives: $57,695,156,000,000 (more than 57 trillion dollars)
Bank Of America
Total Assets: $2,172,001,000,000 (a bit more than 2.1 trillion dollars)
Total Exposure To Derivatives: $55,472,434,000,000 (more than 55 trillion dollars)
Morgan Stanley
Total Assets: $826,568,000,000 (less than a trillion dollars)
Total Exposure To Derivatives: $44,134,518,000,000 (more than 44 trillion dollars)
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4 comments:
Tax payers are not liable for any tax on income, wages, salary's, tips, etc. There is no law that requires anyone to pay an income tax, period! These derivatives cannot be paid off. They can only be forgiven, as in debt forgiveness. Just like the, so called, national debt. We the people don't owe it; the USA, Inc. does. The USA, Inc. was not created by, we the people. It is a fiction created by the powers that were.
How can you on one hand post that the RV is happening and everyone is blessed. Poof says everyone is going to see santa. Then turn around and say taxpayers are to be held responsible for derivatives? If what's been said is true, how could money for the benefit of the world be released if the scum are still in control stealing taxpayers money??? I do enjoy reading the fairytales, but it would be more fun if they didn't con tradict.
I think it's now time for all Americans to just stop giving taxes to be used for reasons such as the above listed "bailout". It's time to take the banks away from the wall street bankers and have them run properly, without high-rolling gamblers using other people's money to make them a big killing so they can go out and buy Lamborghinis and Yachts, and live high on the hog eating $200. meals every night. Everyone should contact all of their representatives of congress and demand that the funds not be given to these bankers for "bailouts or bailins" or for "quantitive easing" (just a word for "bullshit the people")
Come on People, its based on Vapor, Air, Nothing, its Derivatives on Derivatives. We the People SAY, NO WAY will we pay your gambling debts or stimulate your Adrenalin any more with high risks. You created, YOU EAT it! You touch us, we will touch you. NO MORE!
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